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Financial Statements for the Year Ended 31 December 2018 |
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F1000 Research Limited |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2018 |
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for |
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F1000 Research Limited |
F1000 Research Limited (Registered number: 08322928) |
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Contents of the Financial Statements |
for the year ended 31 December 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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F1000 Research Limited |
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Company Information |
for the year ended 31 December 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditors |
1st Floor |
Healthaid House |
Marlborough Hill |
Harrow |
Middlesex |
HA1 1UD |
F1000 Research Limited (Registered number: 08322928) |
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Balance Sheet |
31 December 2018 |
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2018 | 2017 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
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Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CREDITORS |
Amounts falling due after more than one
year |
6 |
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NET LIABILITIES |
( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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F1000 Research Limited (Registered number: 08322928) |
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Notes to the Financial Statements |
for the year ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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F1000 Research Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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See note below with regard to going concern. |
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Turnover |
Turnover represents income recognised by the company in respect of publishing services supplied during the |
year, net of value added tax and trade discounts. It is recognised in the period to which it relates. |
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Stocks |
Stocks represents work in progress and is measured at the lower of cost and net realisable value. Cost includes all |
direct costs and an appropriate proportion of fixed and variable overheads. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
F1000 Research Limited (Registered number: 08322928) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Preference shares |
Under FRS 102, the preference shares have been shown at cost and have not been discounted at the relevant |
interest rate as they are not considered to be loans and therefore there is no interest. Preference shares are treated |
as long-term debt. |
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Going concern |
The financial statements have been prepared under the going concern basis which assumes that the company has |
sufficient resources to enable it to continue to operate for the foreseeable future. |
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The main form of funding for the company's operations is through preference shares. The preference shares are |
treated as debt, in accordance with FRS102 (see note above), but are not capable of being redeemed otherwise |
than out of profits available for distribution. In addition, the ultimate controlling party has, without creating a |
contractual obligation, indicated his intention to continue providing such additional funding as may be required |
to enable the company to meet its liabilities as they fall due and to continue to operate for the foreseeable future. |
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The directors, who include that ultimate controlling party, are therefore satisfied that the going concern basis is |
appropriate for the preparation of these financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Other creditors |
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The above includes £10,850,000 (2017 £7,100,000) relating to preference share capital treated as debt. |
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7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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F1000 Research Limited (Registered number: 08322928) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2018 |
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8. | PENSION COMMITMENTS |
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The company operates a defined contributions pension scheme. The assets of the scheme are held separately |
from those of the company in an independently administered fund. The pension cost charge represents |
contributions payable by the company to the fund and amounted to £20,065 (2017 - £10,313) At the balance |
sheet date contributions owed amounted to £4,000 (2017 - £nil). |
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9. | RELATED PARTY DISCLOSURES |
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Connected companies referred to in these financial statements are undertakings that share the same ultimate |
controlling party. |
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The management and operation of the various group and connected companies is such that each company may |
incur expenses on behalf of other such companies which are then recharged. At the balance sheet date, the net |
amount due to connected companies is £920,827 (2017 - £337,663). |
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Life Science Communications Limited (LSC) acts as a central services company and property manager for a |
number of connected companies including F1000 Research. The expenses of F1000 Research include recharges, |
which are calculated in a fair and consistent manner by LSC to connected companies under similar ultimate |
control. During the year the company was recharged expenses amounting to £708,350 (2017: £656,576) by LSC. |
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At the year-end the company owed £922,827 (2017: owing from £645,907) to LSC (included in creditors due |
after one year). It was also owed £Nil (2017: £40,084) by Web Of Stories Limited, a company under common |
control. |